Neuromodulation Market Size, Share & Trends Analysis Report By Product (2020-2032) (Spinal Cord Stimulators, Deep Brain Stimulators, Sacral Nerve Stimulators, Vagus Nerve Stimulators, Transcranial Magnetic Stimulators, Other), By Technology (2020-2032) (Internal, External), By Application (2020-2032) (Parkinson’s Disease, Chronic Pain, Migraine, Epilepsy, Tremor, Depression, Urinary and Faecal Incontinence, Others), By Biomaterial (2020-2032) (Polymeric Biomaterial, Metallic Biomaterial, Ceramic Biomaterial), By End-User (2020-2032) (Hospitals and Ambulatory Surgery Centers (ASC), Clinics and Physiotherapy Centers, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Neuromodulation Market Size

The global neuromodulation market size was valued at USD 4.38 billion in 2023 and is projected to grow from USD 4.80 billion in 2024 to USD 9.96 billion by 2032, exhibiting a CAGR of 9.90% during the forecast period (2024-2032).

The global market is rapidly expanding, driven by technological advancements and a growing demand for non-invasive treatments for neurological and psychiatric conditions. Key factors fuelling this growth include the increasing prevalence of neurological disorders like Parkinson’s disease and depression, rising awareness and acceptance of neuromodulation therapies, and continuous innovations in device technology.

Neuromodulation Market Trends

Increasing Focus on the Development of Advanced Neuromodulation and Neurostimulation Technologies

The neuromodulation and neurostimulation landscape is evolving rapidly due to increased emphasis on developing advanced technologies. Companies are investing heavily in R&D to create innovative devices that enhance patient comfort, safety, and treatment efficacy. These advancements enable precise targeting of neurological networks, allowing for highly personalized therapies tailored to individual patient needs.  

For instance, in January 2021, Boston Scientific's Vercise Genus deep brain stimulation system recently received FDA approval and featured Bluetooth-enabled, rechargeable, and non-rechargeable implantable pulse generators. This system exemplifies the integration of modern technology into neuromodulation, allowing for real-time adjustments and improved patient outcomes.

Role of Artificial Intelligence (AI) in Advancing Neuromodulation 

Artificial intelligence (AI) plays a crucial role in advancing neuromodulation by enhancing the precision and effectiveness of therapies. AI optimizes treatment by predicting the most effective stimulation parameters, detecting symptoms, and adjusting therapies in real time based on patient feedback. AI-powered closed-loop systems enable personalized and adaptive neuromodulation, improving patient outcomes.

For Instances, in February 2024, a report from the National Library of Medicine, AI in the peripheral nervous system, exemplifies the integration of computational technologies with the complexities of neural networks. This synergy aims to decode intricate neural circuitry and develop advanced therapies for treating neurological disorders and enhancing human performance. 

Neuromodulation Market Growth Factors

Rising Prevalence of Neurological Disorders

The rising incidence of neurological conditions such as Alzheimer's disease, Parkinson's disease, epilepsy, and chronic pain is significantly driving the global market. As these disorders become more prevalent, mainly due to an aging population and lifestyle changes, the demand for effective treatment options, including neuromodulation therapies, is increasing. Neurological disorders are the leading cause of disability and ill health globally, underscoring the urgent need for innovative therapeutic solutions to address this growing burden.

• For Instance, according to a statistics report by the American Academy of Neurology, approximately 1 million people in the U.S. are living with Parkinson’s disease, with an additional 60,000 new cases reported annually. Additionally, data from the Hearing Health Foundation in 2020 reveals that 48 million people in the U.S. suffer from hearing loss and tinnitus, extending to 477 million globally.

Increased Government Support and Funding

Increased government support and funding are crucial in driving innovation and growth in the market. Government initiatives, such as funding for clinical trials and creating favorable regulatory environments, significantly encourage investment in new technologies. These efforts help advance the development of sophisticated therapeutic devices and bridge the gap between early research and clinical application, enhancing treatment options for neurological and psychiatric conditions.  

• For Instances: In June 2024, PathMaker Neurosystems, a neuromodulation company, secured USD 2.16 million in funding from the U.S. Department of Defense (DoD) to fund a clinical trial using its MyoRegulator investigational device to treat people with amyotrophic lateral sclerosis (ALS). 

Restraining Factors

Preference for Drug Therapies Over Neuromodulation Products

Most patients prefer drug therapies over neuromodulation for treating neurological disorders due to limited awareness about alternative surgical treatments involving neuromodulation devices. This lack of knowledge also extends to some surgeons, who may need to be fully informed about the benefits and availability of these advanced treatments. Consequently, this gap in awareness restricts the adoption of neuromodulation therapies and impacts their market growth.

• For instance, overactive bladder (OAB) syndrome remains untreated in many individuals across the globe. Thus, the lack of awareness about the benefits of using neuromodulation devices to treat neurological diseases is expected to restrain the growth of this market during the forecast period. 

Increasing Product Recalls and Safety Concerns

Increasing product recalls pose a significant restraint to the neuromodulation industry. Frequent recalls can undermine confidence in neuromodulation devices, disrupt market stability, and lead to additional regulatory scrutiny and costs for manufacturers. These issues can slow innovation, limit market growth, and affect patient trust in neuromodulation technologies. 

• For instance, in September 2023, the U.S. Food and Drug Administration (FDA) announced that Abbott was recalling some of its Proclaim and Infinity neurostimulation systems due to an issue with patients being unable to exit MRI mode. This Class I recall indicates that using these devices "may cause serious injuries or death," highlighting the critical impact of product recalls on patient safety and market growth. 

Market Opportunities

Closed-Loop Neuromodulation Systems

Advancements in technology are leading to the development of closed-loop neuromodulation systems, which continuously monitor and adjust stimulation parameters based on real-time patient data. These sophisticated systems utilize sensors and feedback mechanisms to tailor treatment precisely to individual needs, enhancing the efficacy and safety of neuromodulation therapies. By dynamically adapting to patient responses, closed-loop systems can significantly improve treatment outcomes and overall quality of life. This innovation optimizes therapeutic effectiveness and creates new opportunities for market growth by offering more personalized and responsive treatment options.

Regional Analysis

The global neuromodulation market share is bifurcated into North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.

North America is the dominant region with a 46.5% market share

The North America market is experiencing growth driven by the increasing prevalence of neurological disorders, rising demand for neuromodulation devices, and heightened competition among market players. The growing number of patients with neurological conditions in the U.S. and Canada fuels this demand, supported by significant investments in research and development for innovative therapeutic solutions. For instance, the Alzheimer’s Association reported that approximately 5.8 million people aged 65 and older in the U.S. were living with Alzheimer’s dementia in 2020, highlighting the expanding need for effective neuromodulation treatments. This trend is expected to continue driving the market growth throughout the forecast period. 

Key trends shaping the North America neuromodulation market include:

• The increasing adoption of precision medicine leads to more targeted neuromodulation therapies tailored to individual patient needs, improving treatment outcomes and patient satisfaction.
• The use of TMS for conditions like depression and chronic pain is proliferating due to its non-invasive nature and potential for outpatient treatments.

Asia-Pacific witnesses rapid growth in China, India, and Southeast Asia 

Asia-Pacific is anticipated to experience the fastest growth in the global market during the forecast period, driven by several key factors. The rising incidence of neurological disorders creates a substantial demand for neuromodulation therapies. Rapidly expanding healthcare infrastructure across the region improves access to advanced treatments while increasing government support and funding further enhances market prospects. The surge in startups focusing on innovative neuromodulation solutions fosters a dynamic and competitive market environment.

Key trends shaping the Asia-Pacific global market include:

• Governments in many Asia-Pacific countries are investing in healthcare infrastructure and expanding access to advanced medical treatments, including neuromodulation.
• The integration of neuromodulation devices with digital health platforms is improving patient care and outcomes

Segmental Analysis 

By Products

The market is bifurcated by products into spinal cord stimulators, deep brain stimulators, sacral nerve stimulators, vagus nerve stimulators, transcranial magnetic stimulators, and others.

The spinal cord stimulator segment leads the market owing to the increased use of spinal cord stimulators for treating chronic and nerve pain.

The spinal cord stimulator segment leads the market due to the growing use of spinal cord stimulators for managing chronic and nerve pain. For instance, in May 2023, Abbott announced that the U.S. Food and Drug Administration (FDA) had approved its spinal cord stimulation (SCS) devices for treating chronic back pain in individuals who are either ineligible for or have not undergone back surgery, a condition referred to as non-surgical back pain. This approval highlights the expanding role of spinal cord stimulators in providing effective pain relief and underscores their prominent position in the market.

By technology

The market is divided into internal and external technology.

The internal technology segment leads the global market owing to an increase in patients suffering from headaches, depression, and heart-related diseases. The internal technology segment is a leading force in the neuromodulation industry due to the rising prevalence of conditions such as headaches, depression, and heart-related diseases. For instance, neuromodulation devices are crucial in treating chronic pain using non-invasive or minimally invasive technologies. Internal neuromodulation devices are specialized to act directly on the pain spot, altering nerve activity by sending electrical stimulation to a particular nerve, thereby making it a more effective way of treating the disease.

By Application

The market is categorized into Parkinson’s disease, chronic pain, migraine, epilepsy tremor, depression, urinary, fecal incontinence, and others.

Parkinson’s disease dominates application segments due to its high product efficacy in treating epilepsy and the lack of treatment choices for the disease. Parkinson’s disease is a dominant focus in the market due to the high efficacy of treatments in managing this condition and the limited treatment options available. Parkinson’s disease, a chronic neurodegenerative disorder causing significant movement problems, affects a substantial number of people. The Global Burden of Disease (GBD) study in 2020 reported that approximately 6.2 million individuals were suffering from Parkinson’s disease worldwide. Moreover, the Parkinson's Foundation Parkinson's Prevalence Project estimates that 1.2 million people in the U.S. will be living with Parkinson’s by 2030.

By Biomaterial

The market is categorized into Polymeric Biomaterial, Metallic Biomaterial, and Ceramic Biomaterial. Metallic biomaterials lead the neuromodulation industry due to their superior biocompatibility, durability, and reliability in implantable devices.

Metallic biomaterials lead the market due to their superior biocompatibility, durability, and reliability in implantable devices. These materials, often used in electrodes and stimulators, are favored for their ability to maintain performance and stability within the body over long periods. Their resistance to corrosion and mechanical strength ensure consistent therapeutic effects and minimize complications. Additionally, advancements in metallic biomaterials enhance device functionality and patient outcomes, contributing to their dominance in the neuromodulation market. 

By end user

The market is categorized into hospitals, ambulatory surgery centers (ASC) clinics, physiotherapy centers, and others.

Hospitals and Ambulatory Surgery Centers (ASC) dominate the global market, owing to their advanced medical infrastructure, specialized neuromodulation technologies, and comprehensive patient management capabilities. Hospitals and ambulatory surgery centers (ASCs) lead the global market due to their advanced infrastructure, specialized technologies, and comprehensive patient care, which are crucial for delivering effective neuromodulation treatments and managing complex cases. Their ability to perform various procedures and address diverse patient needs makes them the preferred for neuromodulation services. For example, in May 2024, U.S. News and World Report rated nearly 5,000 ASCs, underscoring their increasing role in advanced care, including neuromodulation procedures such as Deep Brain Stimulation (DBS) for Parkinson's disease.

Recent Development

• April 2024 - Medtronic's Inceptiv closed-loop spinal cord stimulator received FDA approval for chronic pain treatment. It adapts stimulation in real-time based on spinal cord signals, ensuring personalized therapy and full-body MRI access. This advancement improves pain relief and patient comfort, representing a significant leap in spinal cord stimulation technology.
• September 2023- PathMaker Neurosystems Inc. started a human clinical trial for its MyoRegulator device developed to treat amyotrophic lateral sclerosis (ALS).  

Analyst Opinion 

The global market for neuromodulation is a dynamic and rapidly evolving sector driven by the increasing prevalence of neurological disorders, technological advancements, and growing patient demand for effective treatments. The market is expected to expand significantly, with critical players leading innovation through advanced devices and research. Factors such as developing healthcare infrastructure in emerging markets and rising government support bolster growth prospects. However, challenges such as regulatory hurdles and market competition could impact the pace of expansion. Overall, the market presents substantial opportunities for growth and development.